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tv   World Business Report  BBC News  November 23, 2023 5:30am-6:01am GMT

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the chancellor claims working. the chancellor claims economy has — working. the chancellor claims economy has turned _ working. the chancellor claims economy has turned a - working. the chancellor claims economy has turned a corner l working. the chancellor claims i economy has turned a corner yet the truth — economy has turned a corner yet the truth is — economy has turned a corner yet the truth is that under the conservatives growth has hit a dead _ conservatives growth has hit a dead end _ also coming up, the cost of staying alive. how doctors in india are taking on big pharma to make cancer treatment affordable plus, cryptojitters — the next chapter. customers pull a billion dollars off the binance exchange after its boss pleads guilty to money laundering charges. good to have you with us. we're now to talk through the top business stories. "the biggest package of tax cuts to be implemented since the 19805" — that's how the uk government's finance chief,
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chancellor of the exchequerjeremy hunt has described his autumn budget statement. 27 million workers will see their main national insurance contributions cut from 12% to 10% from january. and a tax break for companies that invest in new equipment will be made permanent, which mr hunt claims is the "biggest business tax cut in modern history". also announced the news that from april, universal credit and disability benefits will go up by 6.7 percent. but those on welfare will have to take a work placement within 18 months or risk losing their benefits. the state pension will go up by 8.5% to 221 pounds 20 a week. the minimum wage for those aged 21 and older will go up to 11 pounds 44 an hour. pouring some cold water on all this however, a report out from the uk's independent spending watchdog,
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the office for budget responsibility. it warns that despite the new cuts, overall tax as a percentage of national income will soon be the highest since the second world war. here's our political editor chris mason. smile on his face, the autumn statement under his arm. and the question questions beginning forjeremy hunt. i now call of the chancellor to make the autumn statement. the bi thin make the autumn statement. the big thing topped up in advance was tax cut and here was the main one for many workers. today, mr speaker, i'm going to cut the mate 12% rate of employee national insurance by two percentage points from 12% to 10%. that change will help 27 million people. it means someone on the average salary of £35,000 will save over £450.
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and mr hunter said, this cut will happen in earlyjanuary. but the overall tax burden is still rising, albeit a little less than it would have done. for the self—employed there was a tax cut as well, the abolition of what is known as a clasp to national insurance and a cut in class for national insurance.— a cut in class for national insurance. ., ~ ., insurance. taken together with the abolition _ insurance. taken together with the abolition of _ insurance. taken together with the abolition of the _ insurance. taken together with | the abolition of the compulsory class to charge, these reforms will save around 2 million self—employed people an average of £350 a year from april. figs of £350 a year from april. as ministers _ of £350 a year from april. as ministers tried to kicks that economy, spending for new equipment can be cut from profits and so pay less tax. i will make it permanent, the largest business tax cut in modern british history. in modern british history. in coming next, the reaction.
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firstly from the woman who once the chancellor's job. has firstly from the woman who once the chancellor'sjob._ the chancellor's 'ob. as the sun the chancellor's 'ob. as the begins _ the chancellor's 'ob. as the sun begins to _ the chancellor's job. as the sun begins to set _ the chancellor's job. as the sun begins to set on - the chancellor's job. as the sun begins to set on this i sun begins to set on this divided, out of touch, wicked government, the only conclusion that the british people will reach is there is, after 13 years of conservatives, the economy is simply not working and despite all the promises today, working people are still worse off. today, working people are still worse off-— worse off. and if the wider debate is _ worse off. and if the wider debate is now _ worse off. and if the wider debate is now getting - worse off. and if the wider. debate is now getting under way. debate is now getting under wa . , . debate is now getting under wa , , ., , way. things are still getting worse for — way. things are still getting worse for people, _ way. things are still getting worse for people, inflation l way. things are still getting | worse for people, inflation is still more than double the target it should be and that means prices and costs for people in their homes are still coming up day by day. this statement _ coming up day by day. this statement is _ coming up day by day. this statement is a _ coming up day by day. this statement is a deception . coming up day by day. this statement is a deception from the chancellor after years of unfair — the chancellor after years of unfair tax hikes. the chancellor after years of unfairtax hikes. underthis unfair tax hikes. under this conservative unfairtax hikes. underthis conservative government, economic growth is flatlining and public service is on their knees — and public service is on their knees. . ~' , ., and public service is on their knees. ., ,, , ., ., ., , knees. thank you for having us. livin: knees. thank you for having us. living standards _ knees. thank you for having us. living standards have _
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knees. thank you for having us. living standards have fallen - living standards have fallen since records began and the tax burden is still going up every year, that is the blunt truth, isn't it? ~ ., ., , , isn't it? we had to put up taxes. isn't it? we had to put up taxes- i — isn't it? we had to put up taxes. i never— isn't it? we had to put up taxes. i never shied - isn't it? we had to put up taxes. i never shied awayi isn't it? we had to put up - taxes. i never shied away from saying that but i think it was right to support families who are suffering because of the energy crisis and small businesses through the pandemic. is businesses through the pandemic— businesses through the andemic. , ., , pandemic. is that the country has turned — pandemic. is that the country has turned a _ pandemic. is that the country has turned a corner, - pandemic. is that the country has turned a corner, the - has turned a corner, the economy is turning a corner, but is that help people feel? i think people are feeling brits. we had a pandemic, 1970 style oil shock and what we have tried to do is support families.— tried to do is support families. ., ., . ., families. for the chancellor and the prime _ families. for the chancellor and the prime minister, - families. for the chancellor - and the prime minister, against and the prime minister, against a tricky and political backdrop, the task now is selling their plan. our political editor chris mason there. as we mentioned earlier, accompanying the chancellor's statement comes a report from the uk's independent spending watchdog — the office for budget responsibility. it has slashed its forecasts for growth in the coming years and predicts inflation will now
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stay higherfor longer. and the obr warns of a squeeze on public services, which won't see their funding increase to cover rising prices. our economics editor faisal islam has been taking a closer look at the numbers things have changed since the last forecast of the budget in march. information and growth. inflation has halved from the peak. the much proclaimed turning point for downing street. but this new book us in the purple sees inflation significantly higher from the march budget in yellow. and then growth. this year, no recession anymore has been predicted in the yellow but growth now notably slower next year and the year after, as you can see in the purple. in
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27-28, the can see in the purple. in 27—28, the chancellor had £27 million more room. it is called a windfall. the big decision is all of this is spent not on increasing public services but principally on these two big tax cuts. £9 billion for two percentage points of national insurance and £11 billion for business and investment tax cuts. designed to boost economy long—term. for context, in the same document, obr says freezing thresholds will raise a remarkable £43 billion in that same year, basically the source of the windfall. the obr chipset the room for immediate tax cuts come from a post—election squeeze on public services. post-election squeeze on public services. ., ., services. real government spending _ services. real government spending is _ services. real government spending is £20 _ services. real government spending is £20 billion - services. real government l spending is £20 billion lower thanit spending is £20 billion lower than it was in our march focus because inflation is much higher but the chancellor has
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not had a substantial sums to departmental budgets so spending is lower and that provides a dividend to the finances he has a use in order to reduce taxes.— to reduce taxes. the bigger icture to reduce taxes. the bigger picture for _ to reduce taxes. the bigger picture for the _ to reduce taxes. the bigger picture for the chancellor . to reduce taxes. the bigger picture for the chancellor is this is a grand reforming family friendly budget with measures to boost growth from planning to pylons. some are politically challenging. even then, these tend to take years to boost investment and growth so this was a longer term plan stop tied together with a more upfront attempt and modest festive pre—election chair. light at the end of an economic tunnel but a partial rebate of tax height and may come with a sting in the tail for public services. let's get some reaction first from the business world. chris southworth is secretary general of the international chamber of commerce here in the uk
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the chancellor saying the government is delivering the largest business tax cut in modern british history. will it lead to economic growth? i think there are some good announcements in the budget into the autumn statement specifically around tax and investment, attracting investment, attracting investment which will be problem with business, i would imagine. but there are some really noticeable items missing in the budget. trade is completely missing. this is the third time we have an announcement from the chancellor. we are a trading economy. we have to improve the way we trade to improve the economy. we have a terrific opportunity to do that with the change in law, most recently with the trade document act to build on legislation and really moving towards paperless trading system but none of that was mentioned. investment is
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quite challenging. ultimately, from an outside perspective, our network overseas, the one thing you hear people talking about all the time is political instability and of course that is really, really critical to attract investment. we have had 800 ministerial appointments, 300 different investors moving around, an awful lot of change within government and it is a very, very difficult for the government to change that at this point in time leading up to an election so overall some good announcements that will be popular with business are, starting to move towards more investments, things like ai, science and technology, however where is trade? how do we improve the economy without doing more to attract and develop our exports. also, as ou develop our exports. also, as you say. _ develop our exports. also, as you say, investment - develop our exports. also, as
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you say, investment so - you say, investment so important. there was not anything in there about encouraging investment in a green economy? i encouraging investment in a green economy?— encouraging investment in a green economy? i would not disarree green economy? i would not disagree with _ green economy? i would not disagree with that. - green economy? i would not disagree with that. i - green economy? i would not disagree with that. i do - green economy? i would not disagree with that. i do not. disagree with that. i do not think the announcements were perfect but what i did see in the announcements was a more comprehensive approach, if that makes sense. there were some good initiatives. it is not just the headlines. but it was a very political autumn statement... a very political autumn statement. . ._ a very political autumn statement... . , . statement... which was expected to be fair. — statement... which was expected to be fair, there _ statement... which was expected to be fair, there is _ statement... which was expected to be fair, there is an _ to be fair, there is an election very soon and we knew that would be the case, that there would be sweetness for voters. i there would be sweetness for voters. ~ ., , voters. i think that is true but if we're _ voters. i think that is true but if we're really - voters. i think that is true but if we're really trying l voters. i think that is true | but if we're really trying to stimulate growth, we have to further than that. my immediate takeaway was a trade was the obvious missing item in the announcement.— obvious missing item in the announcement. good to talk to ou. let's get some more reaction. joshua mahony is chief market analyst at scope markets. for you, what was the big
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headline with this autumn statement? i headline with this autumn statement?— statement? i think the interesting _ statement? i think the interesting thing - statement? i think the interesting thing here | statement? i think the l interesting thing here is statement? i think the - interesting thing here is that of course rishi sunak came in off the back of people being scared of these so—called progrowth tax cuts with liz truss, not particularly long ago just a year truss, not particularly long agojust a year ago. we have seen the national insurance rate cutjust seen the national insurance rate cut just over seen the national insurance rate cutjust over a year ago and we saw rishi sunak raising that rate up to 13.5 and now it is down to 10%. the overall tax burden does increase foremost. with high inflation, people sees people gaining higher wages but the freezing of those tax brackets means that people are going to be paying more tax overall and ultimately they're going to be paying more for goods over time. we're talking about the deterioration in terms of living standards but the headline here is about back to people ahead of what is
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likely to be a hardfought election in just over a year's time. the headline points towards giving to people and being progrowth but ultimately the fact we are freezing those tax brackets means these higher wages push people into paying higher tax overall.— higher tax overall. thank you as well. let's go to canada now where european union leaders start a two—day summit later. canada and the eu signed a free trade agreement in 2017. since then, despite disruption from the pandemic. trade in goods and services between the two has jumped by 65%. canada provides a vast source of natural resources for the eu, especially what it calls critical raw materials needed for the green transition — the likes of lithium and cobalt needed for electric vehicle batteries.
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christophe bondy is a former advisor to the canadian government where he helped negotiate the canada eu free trade agreement, the ceta. he's now a trade lawyer at steptoe and johnson here in london. the summit going on, talk to theissues the summit going on, talk to the issues are. what they want to really achieve most, what's top priority?— to really achieve most, what's top priority? there are a range of political _ top priority? there are a range of political issues. _ top priority? there are a range of political issues. good - of political issues. good morning, by the way. the eu went into free trade agreement entered into the signed agreements which are partnership agreements because it realises the relationship with the partner is going to be broader, touch across the broader, touch across the broader issues. these meetings take place every other year so this is taking place in the saintjohns, the president of the opinion will be there, ursula von der leyen, the
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president of the parliament and president of the parliament and presidentjustin trudeau. they will talk about things as broad as the war in ukraine and the conflict between gaza and israel in the middle east, supply chain issues, issues relating to cyber security, so you have a really broad range of that kind of cross the range relationship between canada and the eu. it isjust relationship between canada and the eu. it is just that this is seen as a valuable continuation of engagement and dialogue between the two markets. fiiq between the two markets. 0k. while you _ between the two markets. 0k. while you are _ between the two markets. 0k. while you are speaking that we were just being while you are speaking that we werejust being reminded of the protests that were taking place when the ceta agreement was being negotiated back when and 2017 which you will remember well. it was very unpopular and has a proven work that since because of increasing trade between canada and the eu? it has been. when you have a 65%
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increase in bilateral trade in goods and services that's going to be of benefit to the two economies. often these free trade agreement are much understated. there is this kind of target of globalisation that is viewed as something that's negative but the ceta actually includes undertakings on both sides to maintain labour standards, and had environmental standards, create mechanisms for these things to be verified. it's something that will benefit ordinary people and small and medium enterprises have benefited from this more than any other. christophe bondy, thank you, good to talk to you. tail: christophe bondy, thank you, good to talk to you.— good to talk to you. talk to ou. around the world and across the uk, this is bbc news. voice-over: bbc news, - bringing you different stories from across the uk. cyber technology have become embedded in our daily lives. our phones, cars, how our data is protest. it is constantly
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evolving but bring security risks to the public, businesses, the government. the north—west is not the heart of the cyber economy and at this careers event schoolchildren have been practising the skills needed to develop cyber technology and take on the threat it poses. it technology and take on the threat it poses.— threat it poses. it was a lot offun threat it poses. it was a lot of fun but _ threat it poses. it was a lot of fun but the _ threat it poses. it was a lot of fun but the skills - threat it poses. it was a lot of fun but the skills we - threat it poses. it was a lot l of fun but the skills we need is to persevere and communicate.- is to persevere and communicate. , ., ~ communicate. do you think someone — communicate. do you think someone like _ communicate. do you think someone like this - communicate. do you think someone like this would i communicate. do you think someone like this would be communicate. do you think - someone like this would be good as a job later on? yes. north—west is becoming a cyber corridor stretching from manchester to preston and onto lancaster. manchester has the government's intelligence agency hub while preston has businesses like bae systems and will have the national cyber force protecting the country from cyber attacks. voice-over: for more - stories from across the uk, head to the bbc news website. hello again. you're live with bbc news. to india now, where the high cost of cancer drugs risks putting treatment out of reach for many poorer people
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with the disease. now a group of hospitals is taking on the drug companies by pooling their resources to buy the drugs in bulk. they aim to cut the cost of treatments by more than 80% and make sure even remote places can get access to advanced medicines. could it be a model for other developing countries? archana shukla has been investigating. a quiet revolution in india is bringing cancer care closer to home for many, like this man and his wife. after an arduous search for breast cancer treatments in distant metro cities, the three—drug combo his wife needs is now available at a local hospital in their hometown in the far east corner of india at one third the price. translation: earlier, it cost| $650 for one treatment cycle. i had to sell land to pay.
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at least now we can afford the full treatment. it's the power of a connective effort. a network of cancer hospitals, including this one in rural assam, has teamed up to buy medicines in bulk, securing up to 85% discounts for some critical drugs. bringing anti—cancer drugs to the poorest has been the toughest challenge in most parts of india, more so for hospitals like this that try to bring cancer care to people from low income backgrounds and in remote, rural areas. but here, too, the availability of advanced treatments is seen improving now. a pioneer in providing cancer care for the poor, this doctor struggled in the early days. no drugs companies would commit to regular supplies to smaller centres, but it's different now.
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the smaller hospitals don't have to get into the negotiation table, the price is already decided. and the cost at which the smaller hospitals will buy the drugs is much, much, much lower than what it would be if they had negotiated directly. from rural clinics to mumbai's top cancer centre, the network saved $170 million on the first drug purchase. negotiating for costly patented treatments, however, remains tough. i think what pharmaceutical companies need to understand is in a market like india, unless you bring costs down, you are not going to get the volumes. it's a chicken or the egg phenomenon. these wards have become homeless for many from far—away towns, and the success of this programme promises to stem this large—scale migration. that's a model other low and middle income countries can potentially replicate too. archana shukla,
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bbc news, assam. to the us now, and the future of the world's largest cryptocurrency exchange binance. its founder and ceo, changpeng zhao — known as cz — could be facing jail time after pleading guilty to federal money laundering charges. the company has been hit by a record fine of more than $4 billion and since the news broke, many customers of binance have been withdrawing their money from the exchange, as erin delmore reports. binance's customers are absorbing the news and they're pulling their funds. the world's largest crypto exchange has seen outflows of around $1 billion in the last 24 hours. that is on the heels of news that its founder and ceo has pleaded guilty to charges of violating anti—money laundering rules and agreed to pay a $50 million fine. binance agreed to pay a $4.3 billion fine. us attorney—general merrick garland called it one of the biggest penalties
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ever obtained. the data comes from block chain analysis firm nansen and that billion—dollar total does not include bitcoin. the exchange's native crypto currency, binance coin, also took a hit in value. mr zhao and his company's guilty pleas and the year—long investigation into binance, but the company continues operating under the leadership of senior binance executive richard teng. binance will also have a government appointed monitor and the company is required to ensure its in compliance with us laws and the exchange is still the world's largest, holding more than $65 billion of assets. erin delmore reporting there. finally, it's the thanksgiving holiday in the united states today. more than 40 million turkeys will be cooked and carved as americans sit down for their traditional dinner at a cost of almost $1 billion. but it's notjust big business in the us. expatriate americans all around the world will be celebrating. richard gladwin and his
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brothers run five restaurants in london and will be serving 1,000 thanksgiving meals today. good morning, richard. you're up good morning, richard. you're up early and ready so what's on the menu?— up early and ready so what's on the menu? ., ., , _ the menu? good morning, happy thanksgiving! — the menu? good morning, happy thanksgiving! on _ the menu? good morning, happy thanksgiving! on the _ the menu? good morning, happy thanksgiving! on the menu - the menu? good morning, happy| thanksgiving! on the menu today we have got a turkey palmar which is rated turkey scholar, we put a bechamel on top of that, grilland we put a bechamel on top of that, grill and fry, so really naughty, bad for you, and totally delicious! then there is a cranberry english with that and turkey five. it sounds delicious. _ that and turkey five. it sounds delicious. i— that and turkey five. it sounds delicious, i have _ that and turkey five. it sounds delicious, i have to _ that and turkey five. it sounds delicious, i have to say. - that and turkey five. it sounds delicious, i have to say. for. delicious, i have to say. for those who don't eat meat? pumpkin pie, savoury, and pumpkin pie sweet.- pumpkin pie, savoury, and pumpkin pie sweet. how big a da is pumpkin pie sweet. how big a day is this _ pumpkin pie sweet. how big a day is this for _ pumpkin pie sweet. how big a day is this for you _ pumpkin pie sweet. how big a day is this for you in _ pumpkin pie sweet. how big a day is this for you in london i day is this for you in london at your restaurant is compared to, say, other traditional big
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days out my christmas? gosh, thanksgiving — days out my christmas? gosh, thanksgiving is _ days out my christmas? gosh, thanksgiving is something - days out my christmas? gosh, thanksgiving is something that came upon us in the shed in notting hill about eight years ago. it was not something we were particularly caught up on and the expat communityjust found us as a great local restaurant and started coming and then we started putting menus together and it sort of spread to the five restaurants now. as you said earlier, we're going to have 1,000 people today, so thanks for getting me “p today, so thanks for getting me up early! mr; today, so thanks for getting me u- earl! g today, so thanks for getting me uearl! , up early! my absolute pleasure! we wish you _ up early! my absolute pleasure! we wish you all— up early! my absolute pleasure! we wish you all the _ up early! my absolute pleasure! we wish you all the very - up early! my absolute pleasure! we wish you all the very best i we wish you all the very best but in terms of the hospitality sector, how do you see this season for you this year, given all the things we've talked about this programme, cost of living, inflation, etc, how are you doing?— you doing? thank you. it's vital we — you doing? thank you. it's vital we convert _ you doing? thank you. it's vital we convert in - you doing? thank you. it's vital we convert in this - vital we convert in this season. as i said to my colleagues only yesterday morning, the hospitality industry is so tough right now that we need to be at 90%
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capacity most of the year and that probably means morse so in the run—up. still facing big costs in energy and food costs going up and things like that, so it is a balancing act.- so it is a balancing act. good luck today- _ so it is a balancing act. good luck today. it _ so it is a balancing act. good luck today. it sounds - luck today. it sounds mouthwatering, i have to say. happy thanksgiving to you. happy thanksgiving to you. happy thanksgiving to you. happy thanksgiving to you as well. i will see you soon. hello. we're all under the influence of mild atlantic air at the moment. so temperatures were higher on wednesday than they were tuesday. around the moray firth, actually, we had 15 degrees celsius, well above average. but it's all about to change. by the end of the day ahead, the cold air�*s established across northern scotland, and across all parts, that arctic air is with us for the start of friday. in fact, it's sitting behind this weather front here. so some wetter weather rolling south across scotland through the remainder of the night
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towards the central belt. really mild and murky to the south of that, some drizzle around the coasts and hills in the west, some hill fog as well. so a fairly unpleasant rush hour for central parts of scotland, southern scotland. that rain pushes its way southwards through the day. further south, though, after a little bit of a grey and murky start, some dampness around, perhaps a little bit more optimistic of getting some sunshine through those clouds during the course of the afternoon because it gets windier. the wind helps to break up the cloud. it's mild, though. wetter for the afternoon across parts of northern ireland and northern england. windier as well here — gusts of about 50 miles an hour — but gusts of perhaps 60, 65 miles an hour picking up across scotland, pushing those heavy frequent showers and turning to snow by the end of the day across the northern isles and continuing to blow southwards through the night, blowing that rain out of the way. not much rain left on that weather front by the time it gets to the south and temperatures should still hold up, but it will be far colder further north to start friday morning. and those snow showers, initially at lower levels, probably lifting onto the hills through the day, but it will feel a lot colder. we'll really notice that,
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even where we keep some cloud around, ithink, but particularly for scotland and for eastern parts of england — these are maximums. but, i think, add on the effect of that wind, still blowing a gale across northern and eastern areas, potentially it will feel much, much colder than we've become used to. and, actually, by saturday morning, a widespread frost to greet us, but that means plenty of sunshine. and just a few showers, still, as we see on friday, pestering eastern coastal counties. still that keen breeze here and a wind chill, but i think the winds easing elsewhere. fewer showers around, and we should see not as high temperatures as friday, but actually, without the wind, probably not feeling quite as bitter. still another cold start on sunday, but a question mark as to how quickly the rain comes in from the west. it does look as though we'll still see a good deal of dry, bright weather. the best of the sunshine in the morning.
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good morning, welcome to breakfast with charlie stayt and naga munchetty. our headlines today. cuts in national insurance are described by the chancellor as just the start — but the overall tax burden in the uk is at a post—war high. this is just a start, but we promised, that when we were in a position to reduce the burden on families,
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who've been going through a very tough time, we would. changes to benefits and pensions, investments in business — there were a lot of announcements from the chancellor. i'll run through the most important ones and what they mean for you. a pause in fighting in gaza, in exchange for the release of hostages, that was due to begin this morning has been delayed by 24 hours. doctor who is 60 today. we mark six decades of the world's most famous time traveller, with some blasts from the past. plus, are you ready for a bit of a weather change? an area of rain will push south in the next 24 hours and put us all into much colder air. good morning. it's thursday, the 23rd november. the chancellor has described the tax cuts set out in his autumn statement as "just the start", after he announced a bigger than expected reduction in national insurance. however, the overall tax burden on the public remains at a
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record high, and the office for budget responsibility says it

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